"...privileging Ph.D.s from elite institutions": that was once called hiring the best. This is so appalling...https://twitter.com/jordanbpeterson/status/913434216486068226 …
It doesn't. But it's a good indicator, judging by such factors as entrant GRE scores and publication rates.
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Pubs relate a lot to professional network though, so hiring the best \neq hiring most productive.
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In particular, too much structure in elite US econ PhD programmes does lead to a "let's model everything as a nail then use hammer" approach
End of conversation
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